Australia's S&P ASX 200 index ended marginally higher, after an unexpectedly strong employment report for October helped the bourse to recoup early losses.
Australian jobs boasted the biggest gain in three and a half years, up 58,600 jobs last month, way higher than the expected rise of 15,000 by analysts polled by Reuters.
Meanwhile, the Australian dollar also got a boost as the jobs number diminished the possibility of a rate cut by the Reserve Bank of Australia (RBA) in December. The local currency jumped over 1 percent to $0.7135 against the U.S. dollar — a near one-week high.
However, there are analysts who question the sustainability of the data, citing previous revisions by the Australian Bureau of Statistics.
"There is a danger in reading too much into this jobs data as it can be quite volatile. Employment growth at 2.7 percent year-on-year has now run well ahead of the growth suggested by leading jobs indicators such as the NAB Employment intentions survey. As a result, a pullback in employment could be expected next month," Shane Oliver, chief economist and head of investment strategy at AMP Capital Investors, wrote in a note.
"That said, the ongoing strength in trend employment growth is consistent with the economy, which is [holding] up reasonably well [alongside] the rebalancing of the economy," he added.
Australia and New Zealand Banking, Commonwealth Bank of Australia and Westpac climbed up more than 1 percent each, while National Australia Bank gained 0.7 percent.
Treasury Wine Estates added 0.4 percent following news that the wine maker has appointed Noel Meehan as its chief financial officer.
On the other hand, Santos plunged 16.5 percent after the oil and gas producer raised A$1.17 billion ($827 million) in an institutional rights offer. Woodside Petroleum and Oil Search tanked more than 1 percent each on the back of a gloomy outlook for global oil markets.
Market bellwether BHP Billiton slumped 1.6 percent, extending a sell-off sparked by last week's deadly dam burst at the global miner's jointly owned iron-ore mine in Brazil.
Australia's biggest grain handler Graincorp closed down 1.2 percent, hurt by a drop in full-year net profit.